Business Directories

Kuwait's Global set for $1.7bn debt talks

Kuwait, April 22, 2012

Global Investment House, which is in talks to restructure $1.7 billion in debt, is due to hold meetings with bond investors on Tuesday, a regulatory bourse disclosure showed.

The investment company, which has laid off 17 percent of its staff, will hold separate meetings with holders of a KD50 million ($179.66 million) bond and a 45 million dinar bond, a statement on the Dubai Financial Market (DFM) said.

Global said last year it was asking lenders for a delay to principal repayments on debt to allow for a renegotiation of a debt restructuring plan it agreed in 2009.

Bondholders of the 45 million dinar bond agreed to delay repayment from April 2012 to June 2012.-Reuters